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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

An archery set at The Sports Authority in Mason, Ohio, has a retail price of $129.95. The sales tax in Ohio is 5%, and the federal excise tax on this type of sporting equipment is 11%. What is the amount of each tax, and what is the total purchase price of the archery set?

To determine

To calculate: The amount of excise tax and total purchase price of archery set when the retail price of archery set purchased by The Sports Authority is $129.95.

Explanation

Given Information:

The retail price of archery set purchased by The Sports Authority is $129.95 and in Ohio, the sales tax is 5%. The federal excise tax on sporting equipment is 11%.

Formula used:

The steps to calculate the amount of excise tax are as follows:

Step 1: Find the sales tax by multiplying selling price by the sales tax rate.

Sales tax=Selling price×Sales tax price

Step 2: Find the excise tax by multiplying selling price by the excise tax rate.

Excise tax=Selling price×Excise tax rate

Step 3: Find the total purchase price by adding the selling price, sales tax and excise tax.

Total purchase price=Selling price+Sales tax+Excise tax

Calculation:

Consider the retail price of archery set purchased by The Sports Authority is $129.95 and in Ohio, the sales tax is 5%. The federal excise tax on sporting equipment is 11%.

The sales tax is:

Sales tax=Selling price×Sales tax price

Now, using the above formula, the sales tax is:

Sales tax=129.95×5%=129.95×5100=129

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Chapter 18 Solutions

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Sect-18.I P-7RESect-18.I P-8RESect-18.I P-9RESect-18.I P-10RESect-18.I P-11RESect-18.I P-12RESect-18.I P-13RESect-18.I P-14RESect-18.I P-15RESect-18.I P-16RESect-18.I P-17RESect-18.I P-18RESect-18.I P-19RESect-18.II P-5TIESect-18.II P-6TIESect-18.II P-7TIESect-18.II P-8TIESect-18.II P-9TIESect-18.II P-1RESect-18.II P-2RESect-18.II P-3RESect-18.II P-4RESect-18.II P-5RESect-18.II P-6RESect-18.II P-7RESect-18.II P-8RESect-18.II P-9RESect-18.II P-10RESect-18.II P-11RESect-18.II P-12RESect-18.II P-13RESect-18.II P-14RESect-18.II P-15RESect-18.II P-16RESect-18.II P-17RESect-18.II P-18RESect-18.II P-19RESect-18.II P-20RESect-18.III P-10TIESect-18.III P-11TIESect-18.III P-12TIESect-18.III P-13TIESect-18.III P-14TIESect-18.III P-1RESect-18.III P-2RESect-18.III P-3RESect-18.III P-4RESect-18.III P-5RESect-18.III P-6RESect-18.III P-7RESect-18.III P-8RESect-18.III P-9RESect-18.III P-10RESect-18.III P-11RESect-18.III P-12RESect-18.III P-13RESect-18.III P-14RESect-18.III P-15RESect-18.III P-16RESect-18.III P-17RESect-18.III P-18RESect-18.III P-19RESect-18.III P-20RESect-18.III P-21RESect-18.III P-22RESect-18.III P-23RESect-18.III P-24RESect-18.III P-25RESect-18.III P-26RESect-18.III P-27RESect-18.III P-28RESect-18.III P-29RESect-18.III P-30RECh-18 P-1CRCh-18 P-2CRCh-18 P-3CRCh-18 P-4CRCh-18 P-5CRCh-18 P-6CRCh-18 P-7CRCh-18 P-8CRCh-18 P-9CRCh-18 P-10CRCh-18 P-11CRCh-18 P-12CRCh-18 P-13CRCh-18 P-14CRCh-18 P-1ATCh-18 P-2ATCh-18 P-3ATCh-18 P-4ATCh-18 P-5ATCh-18 P-6ATCh-18 P-7ATCh-18 P-8ATCh-18 P-9ATCh-18 P-10ATCh-18 P-11ATCh-18 P-12ATCh-18 P-13ATCh-18 P-14ATCh-18 P-15ATCh-18 P-16ATCh-18 P-17ATCh-18 P-18ATCh-18 P-19ATCh-18 P-20ATCh-18 P-21ATCh-18 P-22ATCh-18 P-23ATCh-18 P-24ATCh-18 P-25ATCh-18 P-26ATCh-18 P-27ATCh-18 P-28ATCh-18 P-29ATCh-18 P-30AT

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